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Accounting for Partnerships


After you have read this chapter you should be able to:

Conceptual objectives:

  1. Identify characteristics of partnerships and similar organizations.

Analytical objectives:

  1. Compute partner return on equity and use it to evaluate partnership performance.

Procedural objectives:

  1. Prepare entries for partnership formation.
  2. Allocate and record income and loss among partners.
  3. Account for the admission and withdrawal of partners.
  4. Prepare entries for partnership liquidation.








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